Amalgamated Bank Sells 11,140 Shares of Columbia Banking System, Inc. (NASDAQ:COLB)

Amalgamated Bank lowered its stake in shares of Columbia Banking System, Inc. (NASDAQ:COLB) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,163 shares of the financial services provider’s stock after selling 11,140 shares during the period. Amalgamated Bank owned approximately 0.06% of Columbia Banking System worth $2,609,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COLB. Norges Bank bought a new position in Columbia Banking System during the fourth quarter worth about $63,152,000. Corient Private Wealth LLC bought a new position in Columbia Banking System during the fourth quarter worth about $963,000. Orion Portfolio Solutions LLC boosted its holdings in Columbia Banking System by 10.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 33,490 shares of the financial services provider’s stock worth $875,000 after buying an additional 3,211 shares during the last quarter. United Services Automobile Association boosted its holdings in Columbia Banking System by 11.3% during the fourth quarter. United Services Automobile Association now owns 17,093 shares of the financial services provider’s stock worth $456,000 after buying an additional 1,734 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Columbia Banking System by 75.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,327 shares of the financial services provider’s stock worth $356,000 after buying an additional 5,752 shares during the last quarter. Institutional investors own 92.53% of the company’s stock.

Columbia Banking System Stock Up 1.3 %

NASDAQ:COLB opened at $26.08 on Wednesday. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 11.19 and a beta of 0.64. Columbia Banking System, Inc. has a twelve month low of $17.08 and a twelve month high of $28.11. The stock’s 50 day moving average price is $24.37 and its two-hundred day moving average price is $21.00.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The firm had revenue of $472.15 million for the quarter, compared to analyst estimates of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The business’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. As a group, analysts anticipate that Columbia Banking System, Inc. will post 2.55 earnings per share for the current year.

Columbia Banking System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.52%. The ex-dividend date was Friday, August 23rd. Columbia Banking System’s dividend payout ratio (DPR) is 61.80%.

Analyst Upgrades and Downgrades

COLB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Columbia Banking System from $22.00 to $29.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Royal Bank of Canada raised their price target on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods raised their price target on Columbia Banking System from $23.00 to $27.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Wells Fargo & Company raised their price target on Columbia Banking System from $22.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Wedbush raised Columbia Banking System from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $28.00 to $31.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $25.42.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.